No passport, no loan?

The first signs of spring remind us that EU Exit day is fast approaching but a deal between the EU and the UK is proving elusive. If passporting rights are lost what impact will that have on existing and new corporate loans made by UK lenders into Europe?

A number of EU jurisdictions are publishing legislation to alleviate some of the issues created by a loss of passporting rights, but the position is patchy and differs from state to state. What do those UK lenders that have not transferred their affected loan assets wholesale to a branch or affiliate located in a remaining EU Member State need to consider should the UK exit the EU without a deal?